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Offline hogsrunwild

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Child Savings Account
« on: September 30, 2020, 04:51:47 PM »
Ok, this is the scenario:


Left 100k aside from a home sale for our son.  Want to set him up for his future.  It COULD be for college, if he doesn't get scholarships.  It COULD be for when he is in his mid-20's to have a nice down-payment for a home.  It COULD be just left alone until he gets 60+ and be his retirement.  It really depends on him and how he is doing at different milestones.  The point is that it needs to be flexible.


What would be a good thing that is flexible on when and for what purpose it is withdrawn and will yield a good return that is insulated from politics and ups and downs to some extent?  Based on fairly modest returns, it SHOULD be enough for each of those milestones at that time and obviously more the longer he waits to need it.


Ideas? 


Just shove it into a mutual fund and don't tell him about it until he is about to go to college and then play it by ear?  If he is set for college just wait until it is house time and surprise him with some cash?  Anything that is tax-beneficial that doesn't have strings attached like one that is earmarked for school?  Want something that is HIS money though, so if we die it just stays with him.

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Offline acater

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Re: Child Savings Account
« Reply #1 on: September 30, 2020, 05:01:56 PM »
Not sure if parental income limits are applicable for Roth IRA contributions or not. If not, definitely put the first $6,000 a year into that.

Remember any gains that are realized are taxed at your rate until he turns 18.

I would put it into something and let it sit. That $100,000 would be tens of millions when he hit 60.

 :thumbup:

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Offline One Quarter

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Re: Child Savings Account
« Reply #2 on: September 30, 2020, 05:09:58 PM »
If you really want it tailored, you can set up a trust fund.

You're only young once, but you can be immature until you croak.

Offline hogsrunwild

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Re: Child Savings Account
« Reply #3 on: September 30, 2020, 05:29:51 PM »
If you really want it tailored, you can set up a trust fund.


Maybe that is the thing.  I want it flexible, but not so flexible that he can just blow it.  So kinda like college, house or retirement. 

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Online Swahili Steve

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Re: Child Savings Account
« Reply #4 on: September 30, 2020, 05:42:10 PM »
If you really want it tailored, you can set up a trust fund.
this. You don’t wanna put it into his name till he’s of a certain age unless it’s used for school.

Once in Yamsylvania, we had the potato famine. Which did not upset us because, hey, we eat only yams! Then we realized it is better to starve on potatoes than eat yams. We became so poor we had to raise monkeys for their fur. OK, we raised them for their pleasant smell and many tasty parasites. The kids today, tell them about parasite stew, and they look at you like you're some kind of nutty man, crazed from yam poisoning.

Online PigHair

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Re: Child Savings Account
« Reply #5 on: September 30, 2020, 07:07:37 PM »
Lottery tickets


Online hit_that_line

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Re: Child Savings Account
« Reply #6 on: September 30, 2020, 09:06:46 PM »
Not sure if parental income limits are applicable for Roth IRA contributions or not. If not, definitely put the first $6,000 a year into that.

Remember any gains that are realized are taxed at your rate until he turns 18.

I would put it into something and let it sit. That $100,000 would be tens of millions when he hit 60.

 :thumbup:
He can’t do a Roth unless they have earned income. That’s definitely the way to go once kids start working though.

Just get an attorney to help you establish an irrevocable trust. You can dictate when they can access the funds and for what purpose plus won’t impact their ability to get financial aid for college. Will probably cost you $2-3 grand in fees.


Offline acater

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Re: Child Savings Account
« Reply #7 on: September 30, 2020, 09:10:07 PM »
He can’t do a Roth unless they have earned income. That’s definitely the way to go once kids start working though.

Just get an attorney to help you establish an irrevocable trust. You can dictate when they can access the funds and for what purpose plus won’t impact their ability to get financial aid for college. Will probably cost you $2-3 grand in fees.

Oh, I pay my kids so I wasn't sure. I thought a minor could go off the parent's income.

"I hate you Acater!"- Otis Kirk

"Grant couldn't practice, we put a green shirt on him, he kept trying to put the red on but 'no no no, we're not gunna touch you' Then he goes out and has that game. He's out there holding his elbow and goes and picks off a pass to win. He is Arkansas." - Pittman

Online Swahili Steve

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Re: Child Savings Account
« Reply #8 on: September 30, 2020, 09:25:42 PM »
Oh, I pay my kids so I wasn't sure. I thought a minor could go off the parent's income.
if they have earned income you can set them up with a Roth ect but until the minor is of age a custodian has to reside over the account. The only way you can set up a retirement account for a minor without earned income is for the minor to inherit an IRA and it becomes a bene ira with the minor as the bene and you’ll still have to have a custodian on the account until the minor becomes of age.

Once in Yamsylvania, we had the potato famine. Which did not upset us because, hey, we eat only yams! Then we realized it is better to starve on potatoes than eat yams. We became so poor we had to raise monkeys for their fur. OK, we raised them for their pleasant smell and many tasty parasites. The kids today, tell them about parasite stew, and they look at you like you're some kind of nutty man, crazed from yam poisoning.

Offline One Quarter

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Re: Child Savings Account
« Reply #9 on: September 30, 2020, 09:39:56 PM »
Maybe that is the thing.  I want it flexible, but not so flexible that he can just blow it.  So kinda like college, house or retirement.

Knowing you as I do, he will still just blow it on hookers and blackjack, but what you're looking for is a trust, almost without question.  The trust can invest and grow the money.

If you want it in Arkansas, I have a guy for you.  If you want it in Dallas, I also have a guy for you, who owes me a favor.

You're only young once, but you can be immature until you croak.

Offline hogsrunwild

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Re: Child Savings Account
« Reply #10 on: September 30, 2020, 09:56:25 PM »
Maybe I'll pare it back a bit to like 50k in a trust and then have some more in something more flexible that can be his 'Hookers and Blow' fund.  He will likely be unathletic and maybe or maybe not smart and almost certainly an asshole, so he will need some throwing around money to get laid. 


Thanks for the advice, something like the trust you described that has age and criteria is the perfect thing.  Will look into it probably right after the new year. 

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Online goporkyourself

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Re: Child Savings Account
« Reply #11 on: October 01, 2020, 08:04:18 AM »
Never mind. You’re in TX not AR. Too early for this shit.

« Last Edit: October 01, 2020, 08:05:28 AM by goporkyourself »

Online hit_that_line

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Re: Child Savings Account
« Reply #12 on: October 01, 2020, 08:51:53 AM »
Maybe I'll pare it back a bit to like 50k in a trust and then have some more in something more flexible that can be his 'Hookers and Blow' fund.  He will likely be unathletic and maybe or maybe not smart and almost certainly an asshole, so he will need some throwing around money to get laid. 


Thanks for the advice, something like the trust you described that has age and criteria is the perfect thing.  Will look into it probably right after the new year.
Don’t be on that trophy generation bullshit. Make him earn it.


Offline acater

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Re: Child Savings Account
« Reply #13 on: October 01, 2020, 09:09:30 AM »
Maybe I'll pare it back a bit to like 50k in a trust and then have some more in something more flexible that can be his 'Hookers and Blow' fund.  He will likely be unathletic and maybe or maybe not smart and almost certainly an asshole, so he will need some throwing around money to get laid. 


Thanks for the advice, something like the trust you described that has age and criteria is the perfect thing.  Will look into it probably right after the new year.

It is easy for me to say, but I honestly think I would try and not tell him about it. Obviously, have it in your will and in your death folder but maybe just keep it quiet.

Definitely don't let him have access to it at too young of an age. Remember we are all dumbasses til at least 30.

"I hate you Acater!"- Otis Kirk

"Grant couldn't practice, we put a green shirt on him, he kept trying to put the red on but 'no no no, we're not gunna touch you' Then he goes out and has that game. He's out there holding his elbow and goes and picks off a pass to win. He is Arkansas." - Pittman

Offline ArkGuy

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Re: Child Savings Account
« Reply #14 on: October 01, 2020, 09:42:25 AM »
Maybe I'll pare it back a bit to like 50k in a trust and then have some more in something more flexible that can be his 'Hookers and Blow' fund.   

It could all be in a trust.  It can be made as flexible as you want it to be.  A trust can own almost anything a "real person" can.  Like mutual funds, checking accounts, grandfather clocks, or shares of Anacott Steel.

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Offline 1st_down_streak

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Re: Child Savings Account
« Reply #15 on: October 01, 2020, 09:54:43 AM »
It could all be in a trust.  It can be made as flexible as you want it to be.  A trust can own almost anything a "real person" can.  Like mutual funds, checking accounts, grandfather clocks, or shares of Anacott Steel.

bass boats, outdoor kitchens...

No fucks were wasted in the preceding message.

Offline hogsrunwild

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Re: Child Savings Account
« Reply #16 on: October 01, 2020, 11:46:28 AM »
bass boats, outdoor kitchens...

Somehow the wife has convinced me that our child’s future takes priority.  No biggie, just need to push out some of my big purchases for a year or so. 

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Online Swahili Steve

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Re: Child Savings Account
« Reply #17 on: October 01, 2020, 12:34:15 PM »
Somehow the wife has convinced me that our child’s future takes priority.  No biggie, just need to push out some of my big purchases for a year or so.
how much are you putting back for me?

Once in Yamsylvania, we had the potato famine. Which did not upset us because, hey, we eat only yams! Then we realized it is better to starve on potatoes than eat yams. We became so poor we had to raise monkeys for their fur. OK, we raised them for their pleasant smell and many tasty parasites. The kids today, tell them about parasite stew, and they look at you like you're some kind of nutty man, crazed from yam poisoning.

Offline hogsrunwild

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Re: Child Savings Account
« Reply #18 on: October 01, 2020, 12:47:44 PM »
how much are you putting back for me?


Depends...

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Online Swahili Steve

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Re: Child Savings Account
« Reply #19 on: October 01, 2020, 12:53:19 PM »

Depends...
look I can get all this shit set up for you account wise, invest ect.

Once in Yamsylvania, we had the potato famine. Which did not upset us because, hey, we eat only yams! Then we realized it is better to starve on potatoes than eat yams. We became so poor we had to raise monkeys for their fur. OK, we raised them for their pleasant smell and many tasty parasites. The kids today, tell them about parasite stew, and they look at you like you're some kind of nutty man, crazed from yam poisoning.

Online Rick B.

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Re: Child Savings Account
« Reply #20 on: October 05, 2020, 04:57:59 AM »
It occurs to me that you need to set aside an annual woopig beer fund to compensate the woopig brain trust for all of this free advice. Hell, a grand a year would completely suffice. I'll be in charge of it and will use it at each of the woopig pre-game gatherings to buy adult beverages for your woopig advisors.


Offline TexZilla

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Re: Child Savings Account
« Reply #21 on: October 06, 2020, 04:56:09 PM »
It occurs to me that you need to set aside an annual woopig beer fund to compensate the woopig brain trust for all of this free advice. Hell, a grand a year would completely suffice. I'll be in charge of it and will use it at each of the woopig pre-game gatherings to buy adult beverages for your woopig advisors.
You’ll just buy bud light orange. 


Online Rick B.

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Re: Child Savings Account
« Reply #22 on: October 06, 2020, 04:57:45 PM »
You’ll just buy bud light orange.
Nope. Will not. Each individual who shows up will be allowed to order their own drinks.


Offline hogsrunwild

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Re: Child Savings Account
« Reply #23 on: October 06, 2020, 05:12:07 PM »
It occurs to me that you need to set aside an annual woopig beer fund to compensate the woopig brain trust for all of this free advice. Hell, a grand a year would completely suffice. I'll be in charge of it and will use it at each of the woopig pre-game gatherings to buy adult beverages for your woopig advisors.


We should just overshoot on the server fundraising.  Should be easy to do since we get the money in like a couple of hours usually :)

Quote from: Animal Chin on Today at 07:38:32 PM
Also, I want to have sex in and around your mouth. Please tell me you're in central Arkansas so we can meet up.  I'm not hard to find.

Can our Admin change the thread title to Austin Allen's Cock?  If so, then put me down for 10 inches, at least.

Online Rick B.

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Re: Child Savings Account
« Reply #24 on: October 07, 2020, 09:35:01 AM »

We should just overshoot on the server fundraising.  Should be easy to do since we get the money in like a couple of hours usually :)

Now THAT'S an idea!  Hey Steve!!!   He knows he can trust me with the funds.